Remember that in this context there are 2 definitions for the word "value":

[1] - a fundamental value judgement that an investor makes based on the integrity of the asset

[2] - a day trading value in a specific market against a specific currency pair

Your last remark implicitly alludes to the second of these two definitions. You're talking about the BTC / USD market in particular - not Bitcoin 'value' in general.

Meanwhile, the USD "coin supply" has inflated by a huge amount, Bitcoin infrastructure has grown, adoption has grown, accessability has grown and regulation has moved forwards.

So the USD/BTC market price does not necessarily reflect "value". It is a price in a particular market - nothing more. You could have chosen a more realistic market such as BTC vs Gold over the last 2 years. Or even have a look at BTC / RUB over the last month. You'll get a completely different picture.

The doller-centric view of the universe gives a highly distorted sense of "value" about anything right now, apart from being irrelevant to most of the world's population (particularly if you happen to live on the 'wrong' side of the Ural mountains).

We need to bear those things in mind when talking about "value".